Global Real Estate Undervalued over 20% based on DCF

Vornado Realty Trust

Market Cap: US$8.1b

A fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT.

Choice Properties Real Estate Investment Trust

Market Cap: CA$11.3b

Choice Properties Real Estate Investment Trust is Canada’s largest real estate investment trust, guided by a clear purpose: to create places where people thrive.

Stockland

Market Cap: AU$11.1b

A leading creator and curator of connected communities with people at the heart of the places we create.

STAG Industrial

Market Cap: US$7.2b

A real estate investment trust focused on the acquisition, development, ownership and operation of industrial properties throughout the United States.

Nippon Building Fund

Market Cap: JP¥1.1t

An investment corporation under the Law Concerning Investment Trusts and Investment Corporations of Japan.

Land Securities Group

Market Cap: UK£5.1b

Land Securities Group Plc identify and shape places that create opportunities, enhance quality of life, and bring joy to the people connected to them.

Charter Hall Group

Market Cap: AU$9.7b

Charter Hall Group is Australia’s leading fully integrated diversified property investment and funds management group.

Fibra UNO

Market Cap: Mex$114.7b

Fibra Uno is the first and largest REIT in the Mexican market.

Aedifica/SA

Market Cap: €5.8b

A Belgian public regulated real estate company specializing in European healthcare real estate, particularly properties for elderly care.

Healthcare Realty Trust

Market Cap: US$6.7b

A real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses.

Covivio

Market Cap: €5.8b

Covivio is drawing on its history of partnership, its property expertise and its European culture, Covivio is shaping today’s user experience and designing the city of tomorrow.

GPT Group

Market Cap: AU$9.0b

The GPT Group is one of Australia’s leading property groups, with assets under management of 34.1 billion US dollars across a portfolio of high quality retail, office and logistics assets.

Gecina

Market Cap: €5.3b

A leading operator that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.4bn euros as at June 30, 2026.

Warehouses De Pauw

Market Cap: €5.2b

Develops and invests in logistics real estate warehouses and offices.

British Land

Market Cap: UK£4.4b

A UK commercial property company focused on real estate sectors with the strongest operational fundamentals: London campuses and retail parks.

Phillips Edison

Market Cap: US$5.6b

Phillips Edison & Company, Inc. (PECO) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers.

Japan Real Estate Investment

Market Cap: JP¥868.2b

Japan Real Estate Investment Corporation pursuant to Japan’s Act on Investment Trusts and Investment Corporations (ITA).

OUTFRONT Media

Market Cap: US$5.4b

OUTFRONT Media Inc. is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most.

Mapletree Pan Asia Commercial Trust

Market Cap: S$6.7b

Mapletree Pan Asia Commercial Trust (MPACT) is a real estate investment trust (REIT) positioned to be the proxy to key gateway markets of Asia.

Knowledge Realty Trust

Market Cap: ₹501.9b

Knowledge Realty Trust own and manage a high-quality office portfolio in India.

Mirvac Group

Market Cap: AU$7.3b

An Australian Securities Exchange top 100 company with an integrated asset creation and curation capability, focused in Sydney, Melbourne, Brisbane and Perth.

Fideicomiso Opsimex

Market Cap: Mex$88.1b

An investment trust for the purpose of acquiring and managing eligible assets.

Cousins Properties

Market Cap: US$5.0b

A fully integrated, self-administered, and self-managed real estate investment trust (REIT).

DEXUS

Market Cap: AU$6.2b

A leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at 51.5 billion dollars.

Dubai Residential REIT

Market Cap: د.إ16.4b

A Shariah-compliant, income-generating, closed-end real estate investment trust, and the GCC’s largest (in terms of Gross Asset Value) and first pure-play residential leasing REIT, managed by DHAM REIT Management.

Americold Realty Trust

Market Cap: US$4.4b

Americold is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide.

Embassy Office Parks REIT

Market Cap: ₹417.0b

Owns, operates, and invests in real estate and related assets in India.

Kilroy Realty

Market Cap: US$4.4b

A leading U.S.

COPT Defense Properties

Market Cap: US$4.3b

An S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S.

Independence Realty Trust

Market Cap: US$4.0b

An S&P 400 MidCap Company, is a real estate investment trust that owns and operates multifamily communities across non-gateway U.S.

Granite Real Estate Investment Trust

Market Cap: CA$5.6b

A Canadian-based real estate investment trust engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe.

KLCC Property Holdings Berhad

Market Cap: RM 15.7b

KLCC Property Holdings Berhad (KLCCP) and KLCC Real Estate Investment Trust (KLCC REIT), collectively known as KLCCP Stapled Group is Malaysia's largest self-managed stapled security that invests, develops, owns, and manages a stable of iconic and quality assets.

Canadian Apartment Properties Real Estate Investment Trust

Market Cap: CA$5.2b

Canadian Apartment Properties Real Estate Investment Trust is Canada's largest publicly traded provider of quality rental housing.

Unite Group

Market Cap: UK£2.7b

Unite Group PLC is the UK's largest owner, manager and developer of purpose-built student accommodation (PBSA) serving the country's world-leading higher education sector.

LXP Industrial Trust

Market Cap: US$3.6b

A publicly traded real estate investment trust (REIT) focused on Class A warehouse and distribution investments in 12 target markets across the Sunbelt and lower Midwest.

Highwoods Properties

Market Cap: US$3.6b

A publicly traded fully integrated office real estate investment trust that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.